5001 Govane Ave Baltimore MD 21212

7 Replies

Investment Info:

Single-family residence buy & hold investment in Govans.

Purchase price: $70,000

Purchase a turnkey rental from a well known large real estate investor in the Baltimore metro area

What made you interested in investing in this type of deal?

Seller financing and used other financing for 100% financing.

How did you find this deal and how did you negotiate it?

A friend told me about it then I talked directly to the seller

How did you finance this deal?

Seller Financing

How did you add value to the deal?

I had to make a few updates for it to pass section 8 inspection.

What was the outcome?

It is currently rented out to a section 8 tenant.

Lessons learned? Challenges?

It can take ALOT longer to pass a section 8 inspection that you realize. I closed and it took me, 5 and half months to get my first section 8 rent payment. That was with have to spend at least $1-2k in repairs.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Lender, title company.

Congrats!  I'm in the Baltimore market area also.  Thanks for sharing your deal information.  Was there an issue or just slowness with the City that caused the initial Sec-8 inspection to take five months?  I just settled on my first fix/flip in the city and I'll be in the market for a buy/hold in 2020, no more than 4 units, preferably SF or 2 unit.  Considering Sec-8.

I've done some Habitat for Humanity builds in Govans, hopefully their investments will help the home values in the neighborhood.

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